Streamline Health® Expands Presence In Texas with 400-Bed Health System for RevID

Rhea-AI Summary

Streamline Health Solutions (NASDAQ: STRM) has secured a new contract with a 400-bed health system in Western Texas for its RevID solution, through a partnership with Oracle Health. The healthcare facility uses Oracle Health's Soarian billing platform, which integrates with RevID to automate charge reconciliation processes.

RevID's technology aims to help hospitals capture 100% of earned revenue by eliminating charge capture gaps and accelerating cash flow. The solution ensures providers can accurately capture, bill, and receive payment for all provided care through automated charge reconciliation.

Positive

• New contract secured with 400-bed health system in Texas
• Strategic partnership with Oracle Health expanding market reach
• Integration capability with Oracle Health's Soarian billing platform

Negative

• None.

Insights

Financial Analyst

This contract win with a 400-bed Texas health system represents a strategic expansion for Streamline Health, though its immediate financial impact is likely modest given STRM's $13.5M market cap. The partnership with Oracle Health is particularly noteworthy as it could open doors to more Oracle-based healthcare facilities. RevID's automated charge reconciliation system addresses a critical pain point in healthcare revenue cycle management by preventing revenue leakage and accelerating cash flow.

The Western Texas region presents significant growth opportunities, with numerous healthcare facilities that could benefit from revenue optimization solutions. However, investors should note that while such deals are positive indicators for future growth, STRM will need to demonstrate consistent execution and scalability to meaningfully impact its financial performance.

Oracle Health partnership enables 400-bed Texas-based health system to leverage RevID’s automated charge reconciliation to improve financial performance

ATLANTA, Dec. 18, 2024 (GLOBE NEWSWIRE) -- Streamline Health Solutions, Inc. (NASDAQ: STRM), a leading provider of solutions that enable healthcare providers to improve financial performance, announced that it has signed a new contract for the use of RevID with a 400-bed, Oracle Health-EHR based health system with facilities in Western Texas. The deal was closed in partnership with Oracle Health.

Streamline Health is leading an industry movement to improve hospital financial performance through pre-bill technology solutions. RevID’s automated charge reconciliation enables hospitals to capture 100% of earned revenue by eliminating charge capture gaps and accelerates cash flow by ensuring that providers can accurately capture, bill and ultimately be paid for all the care they provide. Enabled by seamless integration with Oracle Health’s Soarian billing platform, RevID positions health systems to enhance financial operations by automating and optimizing charge reconciliation processes for greater accuracy and efficiency.

“Texas is home to some of the nation’s most forward-thinking healthcare providers, and is an ideal market for continued expansion,” stated Ben Stilwill, Chief Executive Officer. “Our growing partnership with Oracle Health strengthens our ability to deliver pre-bill solutions that seamlessly integrate with leading EHR platforms. We look forward to extending our footprint across Texas and beyond.”

About Streamline Health

Streamline Health Solutions, Inc. (Nasdaq: STRM) enables healthcare organizations to proactively address revenue leakage and improve financial performance. We deliver integrated solutions, technology-enabled services and analytics that drive compliant revenue leading to improved financial performance across the enterprise. For more information, visit www.streamlinehealth.net

FAQ

What is the new contract Streamline Health (STRM) secured in Texas?

Streamline Health secured a contract with a 400-bed health system in Western Texas for its RevID solution, partnering with Oracle Health.

How does RevID benefit healthcare providers using STRM's solution?

RevID provides automated charge reconciliation that helps hospitals capture 100% of earned revenue by eliminating charge capture gaps and accelerating cash flow through accurate billing processes.

What EHR platform does STRM's RevID integrate with in this Texas contract?

RevID integrates with Oracle Health's Soarian billing platform, enabling automated and optimized charge reconciliation processes.

What is STRM's expansion strategy in Texas?

STRM is targeting Texas as a key market for expansion, leveraging its partnership with Oracle Health to deliver pre-bill solutions to forward-thinking healthcare providers in the region.